Bitcoin ETF: Torus Kling Blockchain To Launch India’s First Bitcoin ETFs

[ad_1]

Torus Kling Blockchain IFSC, a 50/50 joint venture between Sam Ghosh promoted Cosmea Financial Holdings (CFH) and Kling Trading India, has signed a memorandum of understanding with India INX to launch the world’s first Bitcoin and Ethereum futures ETF ‘India and Metaverse in the United States with a large-cap discount. certificates.

This Bitcoin & Ethereum futures ETF will be the first cryptocurrency-backed futures ETF outside of the United States and the first Asian certificates of delivery following large-cap Metaverse stocks in the US and European markets.

ETF futures will be launched as part of an IFSCA sandbox build.

Torus Kling Blockchain will be India INX’s liquidity provider by providing 24-hour deep liquidity with intelligent order routing. The product will be distributed by the Torus global distribution team and its partners.

Torus Kling Blockchain is targeting $ 1 billion in assets under management in the first two years from clients participating in blockchain-backed products through ETFs and certificates of delivery.

India INX at GIFT IFSC plans to explore product launch based on digital assets and has already applied to IFSCA under Sandbox regulation. This is part of our product innovation initiative to compare offers with other international funding centers. We will launch products in these new age assets in accordance with applicable laws after receiving all required post-regulatory approvals, said MV Balasubramaniam, Managing Director and CEO, India INX.

The new asset class is just the tip of the iceberg. Exchange trading products allow trading through regular investment accounts, bypassing the security issues and concerns of cryptocurrency exchanges, said Krishna Mohan Meenavalli, CEO of Torus Kling Blockchain IFSC.

Torus Kling Blockchain IFSC plans to launch the ETF in Gift City by the end of this fiscal year, subject to IFSCA and other regulatory approvals.

According to reports, the global derivatives trading volume for the cryptocurrency market was $ 3.2 trillion, while the total Spot volumes were less than half a billion to $ 2.7 trillion. In India, the AUM ETF nearly doubled from Rs 1.5 lakh crore to Rs 2.9 lakh crore in FY 21. In addition, Exchange Traded Products (ETP) acquired over 1,000 billion US dollars, or 15% of all fund assets worldwide.

[ad_2]